We all know professionals who pursue interests not related to their day jobs. Often referred to as a “side hustle,” it can range from baking to event planning. Many professionals dream of eventually transitioning into owning their own businesses, but not everyone is built for entrepreneurship–at least not in the traditional sense, says attorney Marc Douthit, managing member of Douthit Law L.L.C. And not all additional revenue streams have to be developed from an unrelated creative passion. There may be talents that you’ve honed at work that could offer an additional financial benefit.
So, calling the work outside of your nine-to-five a side hustle is really a slight to what may be strong, marketable, and profitable skills, such as project management, public speaking, client consulting, writing, marketing, and crisis management. “I think it demeans and diminishes what it really is: a component of an entrepreneurial endeavor. A secondary source of revenue can be developed and managed from your own labor, talents, and skill–while you keep your job.”
Douthit offers several suggestions for how to get started:
Assess your range of skills:
In your current job, you may not be using all the skills and talents that you have. You may have an opportunity to make additional money on a skill you are only partially using or one you haven’t used in 10 years.
After you’ve done a skills assessment, look at the marketplace and see what you can offer and where there may be an opportunity.
Know your company’s policy:
Make sure you know your company’s policy on either developing businesses or consulting with clients beyond your work hours.
Manage your time:
Time management becomes even more crucial when you are managing, scheduling, and coordinating meetings with clients and deadlines on assignments, as well as family obligations. Make sure you set realistic goals for all the demands on your time.